The Association of Banks Multiple from the Dominican Republic (ABA) highlighted today the importance of the public and private sectors converging in the adoption of measures to keep employment and economic activity afloat in the country, at a time when the international economic outlook becomes uncertain.
The ABA considered that the actions of the monetary authorities have been adequate, by adopting initiatives in an attempt to reduce inflation through the increase in the monetary policy rates (MPR), as the Federal Reserve of the United States has done this year Y banks centers of the region.
Given this context, the banking union considered it necessary to put on the table options that make it possible for micro, small and medium-sized companies to continue access to credit under better conditions of rates and terms.
The union pointed out that it is important to encourage financial leases (leasing), invoice discounts (factoring), as well as the implementation of the Law of Movable Guarantees and the approval of the Law of Reciprocal Guarantee Companies, “mechanisms that would facilitate guarantees so that financing continues to flow without a major impact on costs for the productive sectors.”
“These initiatives would facilitate access to immediate financial resources, acquisition of machinery and equipment at preferential rates, and would guarantee access to credit for sectors with less access to financial services,” said the ABA in a press release.
In sense, the ABA He insisted that the knowledge and execution of these legal provisions are crucial to promote, not only access to credit, but also the financial inclusion of the most vulnerable sectors in the economy. “In the same way, they will be important when it comes to curbing the eventual adverse effects that the international economic panorama could generate in the country,” he concluded.
